Ethermine mining pool launches ETH staking feature

The service offers users an annual interest rate of 4,43%

31.08.2022 - 10:25

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2 min

What’s new? Ethermine, the largest mining pool on the Ethereum network, has launched an ETH staking feature. The minimum amount of locked funds is 0,1 ETH, and the service offers an annual interest rate of 4,43%. Collective staking is also available on the platform, with the greater the amount of locked funds, the lower fee the service will charge.

Ethermine’s announcement

What else is known about the feature? Until the release of The Merge upgrade, during which Ethereum will change its consensus algorithm from Proof of Work (PoW) to Proof of Stake (PoS), and the way coins are earned on the network will change from mining to staking, the Ethermine pool will not charge a fee for using the feature. According to the blockchain’s developers, the transition could take place as early as September 10.

The staking feature on Ethermine is not yet available to users from the United States. A total of 393 ETH worth about $620 000 has already been locked in the service by users.

As of August 31, 09:55 UTC, Ethereum is trading at $1578, down by 1,07% per day, according to Binance.

What is Ethermine? The mining pool is owned by Bitfly, a blockchain company. In addition to ETH, Ethereum Classic (ETC) and Zcash (ZEC) can be mined on the platform. The service charges a 1% fee. Earlier, Ethermine said that after the network’s transition to PoS, the service would stop supporting PoW mining. Users will only be able to withdraw mined funds.

On September 3, mining pool AntPool will stop supporting Ethereum due to the network’s transition to PoS. The project team notes that the change of the consensus algorithm carries the risk of censorship in various countries.

For more details on the prospects of earning on the Ethereum network split, see GetBlock Magazine’s article.

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